Japan firms exit Myanmar amid conflict, worsening economy
Japanese companies are pulling out of Myanmar after the military coup four years ago led to worsening violence and disrupted the economy.
Trading houses Sumitomo Corporation and Toyota Tsusho say they have started procedures to liquidate a joint venture set up in 2019 to manage a port in the country.
The port is next to the Thilawa Special Economic Zone on the outskirts of Yangon, Myanmar's largest city.
Sumitomo and Toyota Tsusho say they made the decision because the business environment has worsened since the military coup.
International human rights groups have criticized the port project. They allege a local logistical company that is a partner in the venture has ties with the military.
Other Japanese companies left Myanmar earlier. Beverage maker Kirin Holdings ended its beer business in the country in 2023.
Japanese oil wholesaler Eneos Holdings also pulled out of an oil and natural gas development project in Myanmar in the same year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Japan Times
13 hours ago
- Japan Times
Japan OKs gender policy guidelines featuring aid for women's startups
The government on Tuesday approved its basic policy guidelines for women's empowerment, which includes supporting female entrepreneurs in regional areas of the country. The Intensive Policy for Gender Equality and the Empowerment of Women 2025, adopted at a joint meeting of government task forces, including the Headquarters for the Promotion of Gender Equality led by Prime Minister Shigeru Ishiba, stresses the urgency of efforts to make rural areas attractive to women. It contains support for female entrepreneurship through gender equality centers set up by local governments. The measure is aimed at encouraging women not to move out of regional areas. The government considers limited job opportunities for women in such areas as a factor behind the exodus, so it will expand consultation services and facilitate the establishment of connections with financial institutions to support startups by women. The government plans to establish in fiscal 2026, which will start in April, an independent administrative agency to promote gender equality. The institution will support regional efforts through measures such as creating a database of experts to be dispatched to rural areas for lectures. Ishiba said at the meeting that the government will promote regional development that makes areas appealing to women, adding that it seeks to "achieve a society in which everyone can live in their own styles."
NHK
5 days ago
- NHK
Japan panel to probe cause of soaring rice price
Japanese Prime Minister Ishiba Shigeru has assembled a top-level task force to investigate the ongoing rice crisis. He is calling for long-term solutions that bring down the price of the country's staple grain. Prime Minister Ishiba is heading the ministerial panel. It will hold its first meeting on Thursday. The panel will investigate what caused the price surge and how the government has handled the situation. Its ultimate goal is to fix problems in the supply system. This is the government's latest attempt to stabilize rice prices. Agriculture Minister Koizumi Shinjiro last week began selling stockpiled rice through no-bid contracts, a first in the country. Ishiba said earlier that the government needs to ensure a continuous supply of the grain. "It is necessary to provide rice at a price that will reassure consumers," he said. "For that to happen, sustainable production needs to be achieved through improving efficiency." Agriculture Minister Koizumi also stressed the need to get to the root of the problem. "I think it is important at the ministerial meeting to thoroughly examine why this latest surge in rice prices happened," he said. Ministers will focus on mid- to long-term policies. Possible topics include increasing exports, production adjustments and subsidies for farmers.
NHK
29-05-2025
- NHK
Online retailer Rakuten sells out of government-stockpiled rice on first day
Japanese internet retail giant Rakuten Group started selling government-stockpiled rice on Thursday, but it quickly sold out. Rakuten says the rice is being sold inclusive of tax for 2,138 yen, or about 15 dollars, for a 5-kilogram bag. The firm is allotting rice for sale by the day. The first batch sale started around noon, and quickly sold out. Rakuten stopped accepting reservations shortly after 2 p.m., after they reached the daily limit. The firm says some people had difficulty accessing its websites due to the high demand. Rakuten had applied to buy 10,000 tons of stockpiled rice sold through no-bid contracts. It had previously limited orders to one or two bags, depending on the site. The firm also said it might temporarily stop accepting orders or reservations if the limit was reached. Rakuten says it will sell stockpiled rice on multiple sites as soon as it becomes available again. Major flea market operator Mercari banned sales of government-stockpiled rice on its app from Thursday. The operator said reselling could hinder the proper trading of rice, a daily necessity. The firm said it will use AI and other technologies for monitoring. If stockpiled rice is offered for sale on the app, the listings will be removed and the sellers' accounts will be suspended. But Mercari said it will allow retailers to sell rice bought from the government through no-bid contracts. LY Corporation also banned the sale of stockpiled rice from Wednesday on its auction and flea market sites.
